New Zealand Secures Trade Deal with GCC

New Zealand has successfully negotiated a trade agreement with the Gulf Cooperation Council (GCC), marking the culmination of nearly two decades of efforts. The deal will eliminate tariffs on 51% of New Zealand's exports to the GCC immediately and provide duty-free access for 99% over the next ten years, significantly enhancing trade opportunities for Kiwi exporters, particularly in the agriculture and food sectors. Trade Minister Todd McClay highlighted the competitive advantage this agreement brings, especially for dairy and meat producers, which collectively export around NZ$1.8 billion to the GCC annually. The agreement follows a recent trade deal with the UAE and signals New Zealand's commitment to expanding its global export markets amidst rising protectionism. BusinessNZ has welcomed the FTA, emphasizing its potential to grow the economy and support New Zealand's goal to double export value by 2034. Notably, the contentious issue of live sheep exports was not part of the current negotiations, setting a new course for future trade discussions.